Greg Bram serves as corporate Vice President-Supply Chain Optimization, responsible for all economic analysis pertaining to Valero's refining operations. What I would say is as you look at where we're at today, I mean, this is seasonally a low point as you head into second quarter then third quarter and driving season, when you tend to see supply and demand tighten up and margins improve. What you tend to see in depreciation is some ebbs and flows associated with our asset management activities. Look, these -- we all know these markets are volatile that they move up and down. We're working with our partner there, Total. But in 2021, Exxon Mobil Chairman and CEO Darren Woods faced a rebellion from his board. If you have a higher kind of exposure to trading, maybe you would like to run with a higher cash balance generally. And I think that's what you saw in the first quarter, and then these more macro impacts, we'll see how that plays out as we go forward. IRVING, Texas-- ( BUSINESS WIRE )--Exxon Mobil Corporation said today that Lawrence Larry W. Kellner and John D. Harris II have joined its board of directors. XOM earnings call for the period ending March 31, 2023. And do you guys still have concern on security or that you are going through the similar process to Total on the cost structure side? After all, the newsletter theyhave run for over a decade, Motley Fool Stock Advisor, has tripled the market.*. I'd say we look to take a very balanced approach as we think about shareholder distributions and getting that balance between a growing competitive dividend, right, as well as the efficiency through share repurchases. You typically see early in the year a lot of refining turnarounds, which take a lot of capacity offline in that lower-demand season. As gas prices came off, that gave us a better liquid-to-gas spread that allowed us to change some of our feed into our crackers and see the advantage of that. WebCheryl Thomas serves as Senior Vice President and Chief Technology Officer, with responsibility for the companys information services network and related technology. So, that gives you, I'd say, a little bit of a characterization of where savings are coming from. And frankly, that's how you need to think about this business.
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